Friday, April 8, 2022 – 11:27 am
ABU DHABI, 8th April / WAM / The International Holding Company announced today the signing of an agreement worth 7.3 billion dirhams, equivalent to “2 billion US dollars” with the group of the Indian global investment company “Adani”, as seed capital in three companies from the company’s portfolio, namely “Adani” companies. Green Energy Limited, Adani Transmission Limited and Adani Ventures Limited are all listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India through a preferential allotment route.
Earlier today, the boards of directors of the three companies AGEL, ATL and AEL met and approved the deal. The investment will be subject to shareholder and regulatory approvals and in compliance with SEBI regulations.
Syed Basr Shuaib, CEO and Managing Director of Global Holdings, said: “This will be a long-term investment in India as the country leads a lot of innovation globally, including in the green energy sector.
The opportunity to earn a compelling return on investment in green energy now has never been greater. We are confident that Adani companies will play an important role in unleashing the full potential of green energy in India, which will reflect positively on our commitment to our shareholders.”
The three Adani companies – AGEL, ATL and AEL – are market and business sector leaders, covering the green portfolio of the Adani Group.
Each of these three companies has fundamental aspects of ESG woven into its operations. This investment is a testament to the joint vision of the global holding company and Adani Group, as well as the commitment to invest in sustainable companies that lead the transformation in the field of energy.
Sagar Adani, CEO of AGEL, said: “We are delighted to begin this intergenerational relationship with the global holding company. We are deeply committed to the vision and shared values of investing in sustainable infrastructure, green energy and energy transition. This is a historic deal and marks the beginning of a broader relationship between the group.” Adani and the International Holding Company represent the beginning of a broader relationship between the two parties as well as attracting more investments from the United Arab Emirates to India.
The global holding company will invest AED 1.83 billion (USD 500 million) in AGL, AED 1.83 billion (USD 500 million) in ATL and AED 3.67 billion in AEL (USD 1 billion) and according to SEBI regulations, is expected to be completed The deal is within a month after obtaining all necessary approvals from the competent authorities. The capital will be used to pursue the growth of the business involved, to strengthen the balance sheet and for general corporate purposes.
WAM/ Ahmed Al Nuaimi/ Dina Omar